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This is an example of a contingency in an escrow. This contingency favored the buyer and allowed them to void the sale since the loan balance was not as previously stated.
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During a sales escrow, the escrow officer receives two structural pest control reports. The escrow officer is to ____
notify the buyer and seller of the discrepancy and obtain written instructions as to which report to use.
The California Land Title Association (CLTA) standard policy and the American Land Title Association (ALTA) policy does not protect the insured against ____
encumbrances which are created or become encumbrances after issuance of the policy.
A writ of execution is issued for a (n) ____
Escrow closes on the 16th day of February (28 days). The seller receives $500 in rent for the month of February. The seller ____
owes the buyer $250.
The words “time, title, interest and possession” are most closely related to which of the following concepts ____
Sara and Marshal are joint tenants. Marshal obtains a loan from a lender secured by his interest in the property. When Marshal dies ____
Sara owns the property free and clear of the encumbrance.
To establish title by adverse possession, an occupant must show ____
they have paid all taxes assessed against the property during their occupancy.
The annual property taxes an owner of a home needs to pay are determined by ____
assessing the land and improvements separately, then multiplying the total by one tax rate.
All of the following may be added to the original cost basis of real property to arrive at an adjusted basis for federal income tax purposes, except:
the monthly mortgage payments.
Which of the following will not terminate an escrow?
The broker’s order to terminate escrow.
A person holding title to real property in severalty ____
has sole ownership of the property.
A standard policy of title insurance does not cover ____
All of the above.
A deed is recorded and indexed based on ____
the grantor and grantee names alphabetically.
A grant deed has been executed once it has been ____
signed by the grantor.